AIP-016: Akropolis to integrate Lido protocol

[MetaLamp]

Let’s elevate Akropolis together

Hey, Akropolitans! It’s the MetaLamp team again - today with a new proposal.

We come again with a new proposal to enhance Akropolis, refining it for our current enthusiasts and welcoming new users to our expanding community.

Our vision for Akropolis intertwines user-friendly services and a seamless, attractive platform. By exploring Akropolis, users should find diverse DeFi tools, broadening the recognition and utilization of our AKRO token.

Our Proposal to You

We propose a refreshing, intuitively designed interface that opens up various income-earning opportunities for users. It’s our mission to render Akropolis appealing to all, regardless of their familiarity with cryptocurrencies and decentralized finance (DeFi).

We cordially invite you to help breathe life into this proposal by casting your vote in favor within the DAO. Together, we can make Akropolis a place where every user finds opportunities for financial growth and achieves their goals.

The Appeal of Lido

Lido Finance emerges as a stellar option for those seeking to profit with ETH in the crypto space. Beyond simply purchasing and holding ETH, you can stake any amount you desire and also utilize other derivative tokens.

Lido Finance serves:

• New crypto user looking for a straightforward platform to stake ETH.
• Avid crypto enthusiasts exploring the potential of staking as a service.
• Existing users wishing to flexibly transfer their staked ETH across various DeFi protocols.

###Noteworthy Attributes of Lido:

• Streamlined Staking: Lido ensures effortless staking, enabling you to commit your assets freely without mandatory minimums.
• Enhanced Earnings: Unlock higher earnings by utilizing your tokens for lending, yield farming, and more.
• LDO Token: Engage with the Lido ecosystem by trading LDO across several exchanges, such as SushiSwap and Uniswap.
• Robust Security: With its smart contracts scrutinized by reputable firms like Quantstamp and Sigma Prime, Lido prioritizes platform security and reliability.
• Wallet Compatibility: While Lido does not have its wallet, it harmonizes well with prominent DeFi wallets like TrustWallet and MetaMask.

Additional Prospects

The compatibility of Lido with protocols like Asymetrix indicates that its integration could potentially enhance the Acropolis interface, attracting a broader audience in subsequent iterations.

Scope of Work:

• Designing the integration - new pages and forms
• Implementation of the design on frontend
• Ensuring wallet and network connectivity
• Updating the governance page (layout)
• Facilitating network switching
• Protocol integration (connecting all things together)

Estimated Implementation Time: ~77 days
Estimated Costs: ±30k USD

Let’s collectively sculpt Akropolis into a platform that is not only ours but is also the best version it can be. Your involvement, through voting and participation, is pivotal in evolving Akropolis into something better.

Warm wishes,

MetaLamp

P.S. The voting for this proposal on Snapshot will start on October 9, 12 PM UTC and continue for 5 days, till October 13, 12 PM UTC.

[thebillionnet]

Sounds great! I’m for it! More integrations = better the dApp!

[Sidzuka]

Link to Snapshot vote - Snapshot

[lynX]

Author, could you please explain in more details what exactly is the benefit for Akropolis of integrating Lido? I just don’t fully understand. Lido has a fairly simple interface and you can do everything there in three clicks. Why wouldn’t the user go to the Lido site and use it directly?

The discussion was created on the forum 4 days ago, and three days later a vote was created, in my opinion this is too fast)

[lynX]

And I think we need to add quorum to the snapshot. Otherwise, with a circulating supply of 4.3 billion AKRO, our voting can become successful with 14 million voting tokens, and only 6 participants. I think it shouldn’t work like that.

UPD: I see that only 10 people participated in the previous vote with a total stake of 69 million AKRO. Hmm…

[Sidzuka]

The quorum is 10% from staked AKRO - it has been like this since governance started & mentioned in the wiki.

[MetaLamp]

Thanks for your question!

Integrating the Lido protocol into Akropolis can bring some serious perks for our users and the project as a whole. Let me break it down for you:

User convenience: People always look for easy ways to handle their assets. With Lido on board, they can do this right on our platform. They can effortlessly swap their ETH for stETH and vice versa, and manage liquidity without hopping between different interfaces. Also, as we’ve mentioned before, we’re planning to boost our platform’s features to maximize profits and diversify user investments.

Product variety: By bringing Lido in, we’re expanding the range of investment options available to our users. This means they’ve got more strategies and protocols at their fingertips to up their earnings and mix up their investments.

Unified asset management: Our main game is to craft a one-stop platform for handling all sorts of crypto assets and protocols. Lido’s integration is a step towards that. We want users to have everything under one roof, simplifying their experience and cutting down on the need to switch between interfaces.

And on the note of why someone can’t just use Lido directly: sure, Lido has a neat interface. But integrating it with Akropolis offers extra perks, like managing all assets in one place and access to other investment tools. Our aim? To give our users the best and most convenient experience, and Lido’s integration is helping us get there.

[lynX]

Thank you for your answer. I saw some projects show quorum data on the voting page. So we need ~85m AKRO for quorum.

[lynX]

Thank you for the answer!

It seems to me that all these are still indirect advantages. In the case of Liquity, Akropolis had a direct benefit - the frontend receives a commission from those who provide liquidity (by the way, are there any statistics on the results of the Liquity integration?) In case of Lido, we simply integrate it in the UI, and there is no direct economic benefits, right?

offtop, but a related question for you as a developer: how difficult is it for Akropolis to implement its own ETH staking pool? Is this a much more complex task?